Property and Equipment, net

3 Months Ended

Mar. 31, 2021

Property and Equipment, net

Property and Equipment, net

Note 8.Property and Equipment, net

The following table summarizes the Company’s property and equipment (in thousands):

	March 31,		December 31,
	2021		2020
Furniture and office equipment	$	568	$	315
Vehicle		247		229
Leasehold improvements		339		246
Total property and equipment		1,154		790
Less: accumulated depreciation		(523)		(460)
Property and equipment, net		631		330
Fintech Village
Land		—		2,750
Assets retirement obligations - environmental remediation		—		4,500
Construction in progress (Fintech Village)		—		7,250
Property and Equipment, net	$	631	$	7,580

The Company recorded depreciation expense of $90,787 and $31,536, which is included in its operating expense, for the three months ended March 31, 2021 and 2020, respectively.

Global Headquarters for Technology and Innovation in Connecticut (“Fintech Village”)

On January 28, 2021, the Company’s Board of Directors accepted an offer of $2.75 million for Fintech Village, and subsequently signed a sale contract on March 15, 2021. The Company believes that Fintech Village met the criteria for held for sale classification on January 28, 2021. As the sale is expected to be completed within one year, the land with a carrying amount of $2.6 million and the asset retirement cost of $4.5 million are recorded as “Held for sale assets (Fintech Village”) in the current asset section of the condensed consolidated balance sheet. The Company has estimated the costs to sell Fintech Village to be $0.2 million and has recorded these costs in “Loss on disposal of subsidiaries, net.”

The Company recorded asset retirement obligations for environmental remediation matters in connection with the acquisition of Fintech Village. The asset retirement obligations are not classified as held for sale as the purchaser will not assume these liabilities. However, as the sale of Fintech Village is expected to be completed within one year, the asset retirement obligations, which will be derecognized upon the sale, have been classified as current liabilities in the condensed consolidated balance sheet.

The following table summarizes the activity in the asset retirement obligation for the three months ended March 31, 2021 (in thousands):

	January 1,		Liabilities		Remediation		Accretion				March 31,
	2021		Incurred		Performed		Expense		Revisions		2021
Asset retirement obligation	$	4,653	$	—	$	—	$	—	$	—	$	4,653